At January 1, 2017, Youngstown Company reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings $62,200,000 Accumulated depreciation-equipment 54,000,000 Buildings Equipment Land 97,400,000 150,000,000 20,000,000 The company uses straight-line depreciation for buildings and equipment, its year-end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. During 2017, the following selected transactions occurred Purchased land for $4.4 million. Paid $1.1 million cash and issued a 3-year, 6% note payable for the balance. Interest on the note is payable annually each April 1 Sold equipment for $300,000 cash. The equipment cost $2.8 million when originally purchased on January 1, 2009. sold land for $3.6 million. Received $900,000 million cash and accepted a 3-year, 5% note for the balance. The land cost $1.4 million when purchased on June 1, 2011 . Interest on the note is due annually each June 1. Purchased equipment for $2.2 million cash. Retired equipment that cost $1 million when purchased on December 31, 2007. No proceeds were received. Apr. 1 May 1 June 1 July 1 Dec. 31